BEIJING, June 24 /PRNewswire-Asia-FirstCall/ -- Duoyuan Global Water Inc.
(NYSE: DGW - News; "Duoyuan" or the "Company"), a leading China-based domestic water
treatment equipment supplier, today announced that its initial public offering
of 5.5 million American Depositary Shares ("ADSs"), representing 11.0 million
ordinary shares, was priced at an initial offering price of $16.00 per ADS.
All of the ADSs sold in this offering were sold by the Company. The gross
proceeds from the sale of the ADSs are approximately $88.0 million. The ADSs
are expected to begin trading on the New York Stock Exchange on June 24, 2009
under the symbol "DGW."
The Company has granted the underwriters a 30-day option to purchase up to
an additional 825,000 ADSs to cover over-allotments, if any.
The Company intends to use the net proceeds from the offering to improve
and upgrade existing manufacturing facilities and production lines; to build
new manufacturing facilities and production lines; to produce new water
treatment products; to build a research and development laboratory; to fund
potential acquisitions of complementary businesses; and for general corporate
purposes.
Piper Jaffray & Co. is acting as the sole book running manager of the
offering. Oppenheimer & Co. Inc. and Janney Montgomery Scott LLC are the
co-managers of the offering.
Duoyuan's registration statement relating to these securities was declared
effective on June 24, 2009 by the U.S. Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state or jurisdiction.
A copy of the prospectus relating to the offering may be obtained by visiting EDGAR on the SEC's Web site at http://www.sec.gov and from Piper
Jaffray & Co., Prospectus Department, 800 Nicollet Mall, Suite 800,
Minneapolis, MN, 55402, telephone: 612-303-8290 or email: prospectus@pjc.com .
About Duoyuan Global Water Inc.
Duoyuan Global Water Inc. is a leading China-based domestic water treatment equipment supplier. Duoyuan's product offerings address the key
steps in the water treatment process, such as filtration, water softening,
water-sediment separation, aeration, disinfection and reverse osmosis. Duoyuan
offers a comprehensive set of complementary products across three product
categories: circulating water treatment, water purification and wastewater
treatment.
For further information, please contact:
Integrated Corporate Relations, Inc.
In the United States:
Ashley M. Ammon
Tel: +1-203-682-8208
In China:
Wei-Jung Yang
Tel: +86-10-6599-7968
